That is a very good guide indeed.
Even though Bitcoin is not completely private it is the first currency in history who protects the privacy of its users.
Let's hope it can become a Global mainstream currency.
Topic: Protect Your Financial Privacy With Bitcoin: A Comprehensive Guide (Read 509 times)
March 09, 2016, 05:15:49 AM
It was a well written article, thanks for sharing. It would have been better if they named it "Reduce risk of making your financial privacy known, with BTCitcoin" instead since there's no way to protect it completely while using BTCitcoin, as also mentioned on different cases throughout the article itself. Regardless of it, it's good that they publish about BTCitcoin (more exposure).
March 08, 2016, 07:33:49 PM
I'd say if someone really wants to find out who you are and has the resources + time to do so then Bitcoin isn't anonymous at all.
If people know my address online, they know that I 'Chris!' own 1Chris4GEoLLjdh4juFXGwY7snaazuxvKb. If I start using transactions from this address they may be able to find out which company/person/entity owns that address and from there link it to me in real life.
It's so complex to stay completely anonymous with Bitcoin. The only real way is to buy Bitcoin with cash in the mail with no return address then never spend them.
Although at the same time, yes Bitcoin does provide a good amount of privacy because it's not like an email address. If you create an email address [email protected] everyone knows your name and assumes your date of birth is 1985. This can be dangerous if you're hacked, if you post your email in a lot of places or if your name isn't very common!
All in all I'd say yes it's somewhat private but in no way is Bitcoin anonymous.
If people know my address online, they know that I 'Chris!' own 1Chris4GEoLLjdh4juFXGwY7snaazuxvKb. If I start using transactions from this address they may be able to find out which company/person/entity owns that address and from there link it to me in real life.
It's so complex to stay completely anonymous with Bitcoin. The only real way is to buy Bitcoin with cash in the mail with no return address then never spend them.
Although at the same time, yes Bitcoin does provide a good amount of privacy because it's not like an email address. If you create an email address [email protected] everyone knows your name and assumes your date of birth is 1985. This can be dangerous if you're hacked, if you post your email in a lot of places or if your name isn't very common!
All in all I'd say yes it's somewhat private but in no way is Bitcoin anonymous.
March 08, 2016, 01:24:13 PM
well that's the point to not disclosing your address, nothing is anonymous if you tell the others that your funds are there, this is obvious like the sun
but this does not mean that bitcoin is not private, for storing large quantity while keeping it secret, bitcoin is the best thing at the moment
Couldn't agree more.But the coins won't fall themselves in the address right ? It has to come through a secondary source.Either someone will send you the money or you buy the coins off exchanges,in that case fiat is still involved while converting.but this does not mean that bitcoin is not private, for storing large quantity while keeping it secret, bitcoin is the best thing at the moment
Assuming that a third party sends you coins and you still keep it safe by not disclosing your address ,the third party is fully aware of the transaction.
March 08, 2016, 12:04:55 PM
I think the strongest need for Financial privacy is actually self explanatory. You cannot have a public Blockchain, linking every person on the planet to every single transaction being made. Currently the banks
have that power and they can do with it, what they want. If you do not play by there rules or the rules of their masters, they can simply block your account. This is the main reason, why we must not support
these "Private" Blockchains, because it is just a better copy of what they previously had. {Private ledgers} ... Your financial privacy is your business and it should be respected by whomever wants to have
control or should I rather say, should not have control over. Thanks OP, for the guide.. it was a nice resource.
have that power and they can do with it, what they want. If you do not play by there rules or the rules of their masters, they can simply block your account. This is the main reason, why we must not support
these "Private" Blockchains, because it is just a better copy of what they previously had. {Private ledgers} ... Your financial privacy is your business and it should be respected by whomever wants to have
control or should I rather say, should not have control over. Thanks OP, for the guide.. it was a nice resource.
March 08, 2016, 11:41:09 AM
I believe so that even though we have out address shown to public it would be better to somehow make it a point be private. Showing your financial status for bitcoin might have a different impact for other people. It would be better not to expose a high amount of bitcoin in public when giving the address..
March 08, 2016, 11:27:37 AM
Can't believe they have given a tutorial on this.I disagree with the few points mentioned, the article is about "keeping funds private" but don't you think anyone can view the funds in your wallet once they have your bitcoin addresses ? Though they probably won't know if its you in case the address is not disclosed but anyway nice explanation on how anonymity is reserved while the transactions are still public.
well that's the point to not disclosing your address, nothing is anonymous if you tell the others that your funds are there, this is obvious like the sun
but this does not mean that bitcoin is not private, for storing large quantity while keeping it secret, bitcoin is the best thing at the moment
March 08, 2016, 11:00:30 AM
Can't believe they have given a tutorial on this.I disagree with the few points mentioned, the article is about "keeping funds private" but don't you think anyone can view the funds in your wallet once they have your bitcoin addresses ? Though they probably won't know if its you in case the address is not disclosed but anyway nice explanation on how anonymity is reserved while the transactions are still public.
March 08, 2016, 10:51:41 AM
Protect Your Financial Privacy With Bitcoin: A Comprehensive Guide
Why It Is Important to Keep Your Funds Private
As a financial system, Bitcoin functions completely differently from the established banking network. Bitcoin allows you to store funds yourself, without the need for a third party, and it places the burden of keeping said funds secure and accessible on you.
https://www.expressvpn.com/internet-privacy/bitcoin-anonymity/
Why It Is Important to Keep Your Funds Private
As a financial system, Bitcoin functions completely differently from the established banking network. Bitcoin allows you to store funds yourself, without the need for a third party, and it places the burden of keeping said funds secure and accessible on you.
https://www.expressvpn.com/internet-privacy/bitcoin-anonymity/
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